Editorial note: A search for the best practices and standards

Abstract

This issue includes papers that embrace major challenges for the board of directors A long line of research documents the crucial role that the board of directors plays in the reduction of agency costs. This issue of the journal goes further to explore a variety of environments, ranging from a highly developed economy, i.e., the United States, to a less developed economy, i.e., Greece and even developing ones, i.e., Saudi Arabian and Ghana. The results documented by the papers from this issue reflect the specificities of the environment in which companies are operating. Moreover, the channels through which the board of directors affects agency costs remain very little documented. Papers that are published in this issue shed new light on this topic by showing that boards might improve firm performance by enhancing corporate governance quality and developing informal communication within the firm.